Hi all,
First post here. I'd like to buy my first piece of real estate and rent it out. I don't mind the work and headache that may go into it as long as it's profitable. A second part time job sounds good to me right now.
I live in the CA Central Coast and everything is really pricey here. I went to an off market showing of a condo I absolutely love last night. It's $305k and that seems to be pretty standard for the area. The real estate agent told me I could expect to rent the place out for about $1600k a month. I have a good job and have been pre-approved for a mortgage at a few different places. The agent told me that HOA fees are $170 per month. Property tax is about 0.729.
Do you all think this makes sense as an investment property?
I want to make sure I'm making money. Looks like the cap rate would be a little over 6% (not including pmi, loan interest, his fees). This is my first investment property so I'm still learning how to do this, what questions to ask, and what makes a good rental property.
Any ideas, criticism , even snyde remarks, would be greatly appreciated!
Cheers Moustachioes!!